2023 May 19 Archive - EXEIdeas – Let's Your Mind Rock

Data enrichment plays a critical role in the data preparation process, enabling businesses to eliminate noise and leverage data for improved predictions. However, the task of data enrichment can be overwhelming, with businesses often grappling with challenges such as a lack of expertise or a skilled workforce. That’s where data enrichment services come in. Outsourcing data enrichment services can provide companies with access to high-quality data that is accurate, up-to-date, and relevant to their business needs.This comprehensive guide will provide you with a quick guide on outsourcing data enrichment services in 2023, including what data enrichment challenges are, the benefits of outsourcing data enrichment services, and how to choose the right provider.By the end of this guide, you will be equipped with the knowledge and insights necessary to make informed decisions and optimize your data enrichment processes through outsourcing.Data Enrichment Process: Challenges That A Company Faces:Here are some difficulties businesses have whilst performing data enrichment on their own:Lack of expertise & skilled workforce: The greatest challenge that firms – particularly new ones, face while performing data enrichment tasks, is the lack of skilled professionals with in-depth knowledge and expertise of complicated tools and technology required to handle the task.Data security & privacy concerns: Business organizations typically end up employing free solutions available on the market to assist them in the process of data enrichment because of a lack of knowledge and technical expertise. Now, such tools on the market are not secure enough and may harm your data. This exposes your sensitive data to cybercriminals and opens doors for future risks and data breaches.Inaccuracies when analyzing data: With a lack of expertise, there is always a chance that employees will make erroneous analyses. This further leads to flawed data, reducing the overall quality.Continuous data updates – Businesses continue to gather data and expand their database. Filtration, segmentation, and many other things are needed whenever a corporation adds new data. It might be difficult for you as a business to set aside resources, time, energy, and effort every two months to update your data.Fill in the gaps- The completion of the data is one of the main goals of data enrichment. Data scientists must combine the data from the many corporate office systems, identify the connection between them, and fill in the gaps in the data in order to make sense of it. Even merged databases can lack data, which necessitates the use of various data enrichment techniques to fill them up.How Can Businesses Overcome Data Enrichment Challenges?There are two ways in which companies can deal with data enrichment challenges.In-house team- You can simply hire a dedicated team of data experts with in-depth knowledge of the data enrichment procedures, tools, and techniques. This will help you monitor the project within your office.Outsourcing data enrichment services- Outsourcing is the process through which a company assigns a portion of its business activities to professionals with appropriate development expertise. Here, you must create a contract with an outsourcing company that offers data enrichment services within your required deadline.Why Should B2B Businesses Outsource Data Enrichment Services?The world has truly transformed into a global village thanks to the internet, where you can access the greatest talent from anywhere. Earlier, finding talent used to take up a lot of time and resources, but outsourcing has made it simple because you only need to choose a reliable service provider to connect you with the top talent in your specific industry.Here are some more benefits of outsourcing the data enrichment process.➔ Faster Data Delivery:When you outsource data enrichment work, it will be completed much quicker compared to it done internally. Because internally, you need to spend more time in the hiring process. Additionally, it takes time for the new employee to become acclimated to the new workplace culture and comprehend the intricacy of the data. The entire process can take some time. However, you may just employ an outsourced business with extensive expertise in data enrichment that adheres to a certain timeline to finish the full process in a shorter TAT.➔ Access to Expert Services:Outsourcing firms have data experts with in-depth knowledge of data enrichment techniques. They can use these techniques to prevent bad data from entering your database. Additionally, they can identify and remove bad data that may have already entered your system database. They can help you improve the overall quality of your existing databases by identifying and correcting issues with them (e.g., typos). And once they’ve completed this process, they also double-check to ensure that all the information in your database is accurate and up-to-date.➔ Lower Operating Costs and Labour Costs:Lower your costs significantly by not having to hire a full-time employee for data enrichment. In addition to saving on the salary and benefits of an employee, you also benefit from not having to pay for recruitment, hiring, and training costs. You have access to data enrichment professionals anytime through outsourcing services.➔ Increase Efficiency:When you outsource your company’s requirements to an outsourcing partner, they offer years of business experience and proficiency in completing challenging projects. Their expertise and awareness of the data industry enable them to do their duties more effectively. As a result, the process becomes more productive and efficient, which boosts your company’s bottom line.➔ Time Zone Advantage:Regardless of the various time zones, outsourcing enables you to profit from the advantages of having your organization “alive” at all hours. When you outsource, you may hire foreign individuals to work for you in a certain service area even while you’re off duty.➔ Personalize Business Goals:Outsourcing companies work based on your requirements. They understand your unique goals and approach toward your business. For example, if you have a database of customers and their addresses, they could enrich that database with information about what kind of car each customer drives or who their spouse is. This helps you fill in the gaps in your data so that it’s more complete and accurate – while increasing its usefulness for analytical purposes. Additionally, they can provide advice, if asked for guidance for any future data measures.How To Find The Right Data Enrichment Service Provider?1.) Determine your RequirementsThe first step in the process of finding the right data enrichment service provider is asking the below questions to your senior management team:What services do you need?How much data enrichment are you looking for, and how long will it last?What’s your budget?Will many people use the data enrichment services at once or only a handful?2.) Contact the Service Providers and Get a Quote from Each OneOnce you meet the service provider, you should gather the following information:How much does the service cost?What are all of the costs and hidden fees included in this price?What is not included in this price?Are there any additional fees or charges your company should expect when working with the agency in general? (e.g., sales tax, setup fees, etc.).3.) Evaluate their Answers to These QuestionsOnce you’ve identified a few data enrichment service providers, it’s time to evaluate their answers to these questions:How long have they been in the business?What are their clients’ demographics?What is their pricing model?What is their data enrichment process? (What kind of technology is used, and how do those technologies help such companies achieve success)Suppose one of your top priorities is minimizing the expenses as much as possible, but the provider’s prices are higher than other options on the market. In that case, it may not be worth going with them over another company with subsequently lower fees. Instead, if what matters most is the quality control over the quantity of the results—say, if you’re trying to contact customers who haven’t responded yet—then finding out how often each provider processes such queries could help ensure that any information received is high-quality and accurate. This also needs to be delivered quickly enough so that sales teams don’t lose out on potential leads.4.) Check Out their Experience and Record of Past WorkCheck if they have a portfolio of previous work. It’s always good to check what kind of data enrichment services they have provided before. Check if they have testimonials from past customers. You should never judge someone based on just one source—it takes two sources (or more) to confirm whether something really happened or not. So, make sure that your chosen data enrichment service provider has at least 3+ testimonials from clients who are happy with their work; if they don’t, then move on to another candidate because no one wants to hire a provider whose customer reviews are just a few.5.) Check if They Have a Good Reputation in the IndustryLook for a data enrichment provider that has a proven track record of delivering high-quality services and maintaining strict data standards. Also, look for one with extensive experience and expertise in the field and knowledgeable customer support staff to help you navigate the process.6.) Take Note of their Customer Support SystemThis is especially important if you are a small business or startup and are not familiar with the various aspects of data enrichment. You should expect an immediate response to your queries, whether via email or phone call, by either an account representative or a senior executive. The team should also be able to resolve issues quickly without keeping you waiting for days on end. Finally, ensure that they follow up on all of the issues resolved so that no loose ends are left.7.) Ask About their Pricing MethodSome providers may charge per record or based on a subscription fee that covers everything from basic processing and verification of data accuracy through advanced analytics and predictive modeling. Others may charge by the job or project with fees that vary according to length and complexity (and most likely dependent on the involvement of third parties).Conclusion:You’ve looked at some of the top challenges marketers face today regarding data enrichment and how outsourcing services can help solve them. The key to outsourcing data enrichment is to find a reliable service provider. Conduct thorough research and follow the aforementioned steps to pick the right outsourcing company for your needs.Keep in mind that by adopting the right approach and asking the right questions, you can discover a data enrichment service provider that will deliver the desired results you seek. Hopefully, this guide helped you get to the right answers!About the Author:Jessica Watson is a Content Strategist, currently engaged at Data-Entry-India.com- a globally renowned data entry and management company -for over five years. She spends most of her time reading and writing about transformative data solutions, helping businesses to tap into their data assets and make the most out of them. So far, she has written over 2000 articles on various data functions, including data entry, data processing, data management, data hygiene, and other related topics. Besides this, she also writes about data enrichment services and eCommerce data solutions, helping businesses uncover rich insights and stay afloat amidst the transforming market landscapes.Find Me On LinkedIn